Well, here is my input. I do this for a living as well as a hobby, so that means you get 2 answers. Don't worry I will only charge for one.
There are specifics for every tool and every machine, so it is a combination of what tool you use AND in which machine you use it in.
At work, some would crap to know how heavy of a cut I take, but at work I am there to make money for the boss. So I push the machine to the max, and then add 10%. He smiles at what I can do, and IF by chance something breaks we both agree that it must have been too much, so I change the settings and move on. At home the same does NOT apply. I do this, yes I really do this to relax at home, so I take nice easy passes, just enough to do it right but never so much to risk the machine.
It all boils down to a few things:
1. Rigidity of the machine.
How snug are your gibs, are the ways sloppy, is your tool post mediocre at best or is it solid as the rock of Gibraltar?
2. How rigid is your work holding?
When I was trained, the USN First Class Petty Officer Machinery Repairman had this to say about our setups,
"If it ain't tight, it ain't right!"
3. Tooling,
Properly sharpened and setup tooling is key to reducing stress on the machine.
All of these play a roll in how much of a cut you can take.
But ultimately YOU have to figure out what your setup can handle, start off small, .03 or so with a feed rate of .003 per revolution, and go from there. If you hear no funny noises, grunts and or groans, you win, next time gradually increase your depth of cut. Your feed rate should be in the area of .002 - .005 per revolution, check the quick change gear box, if equipped to find this.
I hope this has helped you, as much as I have enjoyed typing it out. THIS is the stuff that needs passed down the line from us "OLD" toolmakers.
Doubt you will find any of that in a book.
Take care and good luck
Richard